LIC to launch Market Plus tomorrow

Udupi, July 4 (UNI) The Life Insurance Corporation of India will launch its new product 'Market Plus', a unit linked deferred pension plan, tomorrow.

Announcing this at a press conference here, LIC Senior Divisional Manager (Udupi division) Surendra Behra said the new product combined investment and pension benefit with insurance cover option during the term of the policy. It was available to individuals between 18 and 70 years with a minimum premium of Rs 5,000 per annum under regular mode and Rs 10,000 under single premium.

He said six training centres have been opened to train agents to sell the 'Market Plus' policies, besides a divisional training centre. No agent would be authorised to sell the policy without training. The locking period for the policy would be three years.

Mr Behra said the division had attained the numero uno position at the national level in setting up Bima Gram and Bima schools by opening 71 and 128 such centres respectively. It would shortly introduce 'Micro Insurance', targetting mainly below poverty line (BPL) families.

The division had also proposed to open 'Satellite Sampark' office at Jagalur in Davangere to cater to the needs of policy holders like collection of premia and selling products. It had launched portal service, registering 8,600 people, and targetted to make it one lakh, he said.

UNI MA GD GM1753